Lufax gets more funds, eyes H2 IPO
Print Edition
Shanghai Lujiazui International Financial Asset Exchange Co (Lufax), which has raised US$1.2 billion, said yesterday that it will start the process for its listing as early as in the second half of this year.
The Ping An-backed online lending platform Lufax said it raised new funds of US$924 million from new investors in the second round of financing as well as an extra US$292 million from the same group of investors in its initial funding round. This group had invested US$485 million in the initial round last March.
Lufax is now valued at US$18.5 billion, up from US$10 billion.
The new investors include the investment arm of the Bank of China, the Hong Kong unit of Guotai Junan Securities and a subsidiary of China Minsheng Bank.
Lufax said it will use the funds for system development, to enhance risk control, expand offline sales, and add cross-border wealth-management products to the platform.
Gregory Gibb, chairman of Lufax, yesterday said the company will start its initial public offering as early as in the second half and is considering both the onshore and offshore markets for the IPO.
Ping An Insurance (Group) Co will see its stake in Lufax diluted after the fundraising to around 44 percent from 48 percent, but it will remain its largest shareholder.
Gibb said transactions on its Lu.com platform totaled 1.6 trillion yuan (US$243 billion) last year, of which 1 trillion yuan took place between institutions and 600 billion yuan involved individuals.
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